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The certification hypothesis of fairness opinions for acquiring firms

  • We study the certification role of fairness opinions in corporate transactions in a simple non-cooperative setting with asymmetric information and possibly misaligned managerial incentives, and discuss the effect of different regulatory scenarios. Specifically, we compare three settings: one in which no third-party fairness opinion is available, one in which the management is required to obtain a fairness opinion before any transaction, and one in which the management's decision to require a fairness opinion is voluntary. We compare shareholder value in each of the three scenarios and discuss implications for the optimal design of regulatory eironments for fairness opinions. The paper was published in International Review of Law and Economics, 31 (2011) 4, 240-248.

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Document Type:Other
Author:Pierfrancesco La MuraORCiD, Marc Steffen RappORCiD, Bernhard SchwetzlerORCiD, Andreas Wilms
Chairs and Professorships:Chair of Economics and Information Systems
Year of Completion:2011
HHL Research Paper Series in Corporate Governance No. 4. Leipzig: HHL - Leipzig Graduate School of Management, Center for Corporate Governance, 2011